Here we are in the 5 min retest, This isn't the Clearest downtrend correction. I want to talk about the potential for my "Suck the Shorts into morning weakness trade" Assuming it pans out.(which I think it will) Right, after the pattern is observed, it should evolve. So we will probably have No weakness tomorrow morning, and increased weakness in the afternoon.
We have the overhead resistance, But we haven't had a True Impulse day for quite some time. The resistance here is 20 Pts higher on the SPX... So, say we hit that tomorrow morning then Pullback into some fear, Gap up above maybe and shoot higher.... I know these are predictions but,
I'm just trying to game out some of the things we are getting from The Brilliant Teresa Lo about the potential for the market to diabolically not allow anybody to catch a Pull back, until a trade-able top is in.
Financial history doesn't repeat itself, but it often rhymes. You can't be stupid enough to trade off anything I say.... I'm lucky they let me out of the straight-jacket long enough to trade.
J. P. Morgan
Monday, April 6, 2009
5 minute retest
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